Paul H. Kupiec Journalist Profile

Articles

Federal Reserve Funding of the Consumer Financial Protection Bureau Is the Key to Financial Regulatory Reform

Jan 21, 2025 | aei.org | Paul H. Kupiec |Julia Cataneo

When the Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), it funded it directly from Federal Reserve System earnings. The CFBPS’s unique funding enables it to advance partisan consumer protection goals without the oversight implicit in the Congressional appropriations process. However clever, those that designed this funding mechanism failed to anticipate that someday the Fed might not have any earnings to fund the CFPB.
The Fed’s "Temporary" Mortgage-Backed Security Experiment Will Last Decades

Nov 15, 2024 | mises.org | Alex J. Pollock |Paul H. Kupiec

It has been nearly 14 years since Federal Reserve Chairman Ben Bernanke told Congress that the Fed’s emergency quantitative-easing policy, of which the most radical part was buying mortgage-backed securities, was “temporary” and would be “reversed.” The Fed made huge mortgage-backed securities purchases. The purchases pushed mortgage interest rates to artificially low levels, stoked the second great house price bubble of the 21st century and made houses unaffordable for many.
Foreign Exchange Intervention Under the Integrated Policy Framework: The Case of India

Nov 15, 2024 | imf.org | Paul H. Kupiec |Jesper Lindé |Nujin Suphaphiphat |Hou Wang

Our eLibrary offers over 25,000 IMF publications in multiple formats. Explore Latest economic research and insights delivered to your inbox each month.
QJAE: Common Fallacies in the 2023 Debt-Ceiling Debates

Nov 9, 2024 | mises.org | Paul H. Kupiec |Alex J. Pollock

Abstract: This article investigates the veracity of three claims made by current and former government officials in the context of the 2023 debt-ceiling debates: it would be unconstitutional to enforce the debt ceiling; the U.S. government has never defaulted; and there are no measures that could be taken to avoid a government default except raising the debt limit. None of these claims is true. Read the full article at the Quarterly Journal of Austrian Economics.
The Fed’s ‘Temporary’ Mortgage-Backed Security Experiment Will Last Decades

Nov 6, 2024 | aei.org | Paul H. Kupiec |Alex J. Pollock

It has been nearly 14 years since Federal Reserve Chairman Ben Bernanke told Congress that the Fed’s emergency quantitative-easing policy, of which the most radical part was buying mortgage-backed securities, was “temporary” and would be “reversed.” The Fed made huge mortgage-backed securities purchases. The purchases pushed mortgage interest rates to artificially low levels, stoked the second great house price bubble of the 21st century and made houses unaffordable for many.
The Fed’s ‘temporary’ mortgage-backed security experiment will last decades

Nov 6, 2024 | msn.com | Alex J. Pollock |Paul H. Kupiec

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The Fed's 'temporary' mortgage-backed securities experiment will last decades

Nov 6, 2024 | thehill.com | Alex J. Pollock |Paul H. Kupiec

It has been nearly 14 years since Federal Reserve Chairman Ben Bernanke told Congress that the Fed’s emergency quantitative-easing policy, of which the most radical part was buying mortgage-backed securities, was “temporary” and would be “reversed.”The Fed made huge mortgage-backed securities purchases. The purchases pushed mortgage interest rates to artificially low levels, stoked the second great house price bubble of the 21st century and made houses unaffordable for many.
Opinion - The Fed’s ‘temporary’ mortgage-backed security experiment will last decades

Nov 6, 2024 | finance.yahoo.com | Alex J. Pollock |Paul H. Kupiec

It has been nearly 14 years since Federal Reserve Chairman Ben Bernanke told Congress that the Fed’s emergency quantitative-easing policy, of which the most radical part was buying mortgage-backed securities, was “temporary” and would be “reversed.”The Fed made huge mortgage-backed securities purchases. The purchases pushed mortgage interest rates to artificially low levels, stoked the second great house price bubble of the 21st century and made houses unaffordable for many.
Commercial Real Estate Exposure and Bank Counterparty Risk

Oct 17, 2024 | aei.org | Paul H. Kupiec

Detailed analysis of December 2023 bank regulatory data suggests that unrealised interest rate losses in the banking system amplify banks’ true commercial real estate (CRE) loan concentrations making CRE exposures much more consequential than traditional supervisory CRE loan concentration measures suggest.
Can the Federal Reserve Buy Gold? Should It?

Sep 30, 2024 | aei.org | Paul H. Kupiec |Alex J. Pollock

Since the sixth century BC reign of Croesus of Lydia, refined gold has served as a monetary store of value. Today, many central banks, including the European Central Bank, the Swiss National Bank, the German Bundesbank, the Bank of France, the Bank of Italy, the Dutch National Bank, the Bank of Japan, the Reserve Bank of India, the People’s Bank of China, and the Monetary Authority of Singapore among others, hold gold as an investment and reserve against their monetary liabilities.